The Global Gaming Console Market was valued at USD 37.1 Bn in 2020 is expected to reach USD 53.6 Bn by 2027, with a growing CAGR of 5.4% during the forecast period.
The development in the gaming console market might be credited to the introduction of new and advanced audio-visual devices. Technological advancements and development in several audio-visuals have significantly expanded the demand of these consoles. The expanding accessibility of top-of-the-line sound frameworks and displays gives a rich and further developed insight to consumers. Moreover, HDTVs with HDMI ports and innate remote availability, which can support external hard disks are also expected to offer an enriched experience to customers.
The increasing trend of manufacturers to develop multi-utility consoles including games and entertainment is anticipated to drive the growth of the market. Market players emphasize on technological advancements of the products and offer the maximum item separation to further develop their market share of the overall market. The key players are progressively offering items with multi-utility features for an enriched customer experience. For instance, Nintendo first introduced Wii U console, which empowers consumers to control the device as a handheld machine and use the same to draw sketches, browse the internet, and post pictures on social media sites.
Based on modality, the handheld segment is expected to grow at a constant CAGR during the forecast period owing to the finite players operating in the market. The prominent players such as Nintendo Co., Ltd., and others are focusing on enhancing their brand penetration by launching their innovative products across the globe. For instance, in July 2021, Valve Corporation launched steam deck powerful handheld gaming consoles to take on Nintendo switch. These newer handheld gaming consoles included the features like 512GB storage, a 7-inch display with anti-glare etching glass, and a custom AMD APU.
The high cost associated with advanced gaming consoles hampers the growth of the market. Moreover, the emergence of smartphones and tablets as a substitute for game consoles significantly hinder their adoption rate. Furthermore, shifting consumer trends towards alternative platforms such as cloud games as well as mobile games is a major challenge for the growth of the market.
Global Gaming Console Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, The Asia-Pacific dominated the market and is projected to hold the largest revenue share over the forecast period. The growth in the region is mainly attributed to the presence of prominent players such as Sony Corporation, Nintendo Co. Ltd, and others in the region. Moreover, the number of active gamers present in the countries including China, South Korea, Japan, India, and others is almost five times as compared to North America.
Global Gaming Console Market by Platform Outlook (Revenue, USD Million, 2021-2027)
Global Gaming Console Market by Modality Outlook (Revenue, USD Million, 2021-2027)
Global Gaming Console Market by End User Outlook (Revenue, USD Million, 2021-2027)
Key Findings:
The key players operating in the gaming console market are:
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